It wasn't supposed to be this way: The 2017 tax cut and aggressive moves toward deregulation were supposed to pull the U.S. economy out of its glacial move higher.Economyread more
President Trump says Iran may not have intentionally downed an unmanned U.S. surveillance drone.Politicsread more
Slack pursued an unusual direct listing, meaning it did not have banks underwrite the offering.CNBC Disruptor 50read more
Slack's CEO said that the company didn't want to go public via an IPO so that it could be as transparent and accessible as possible.Deals and IPOsread more
Oil jumped as much as 6% on Thursday after Iran shot down a U.S. military drone, prompting President Trump to blast Tehran on Twitter.Energy Commoditiesread more
If Facebook cut corners in something as basic as the branding of its nascent crypto efforts, this dispute could give ammunition to its many critics.Financeread more
Workers in the gig economy could get short changed when it comes to their Social Security checks in retirement. That's because the growing ranks of people who earn money on...Personal Financeread more
CNBC analysis using Kensho found that Disney, Verizon and Home Depot were some of the best performing Dow stocks in declining-rate environments.Investingread more
For doubters thinking the rally is just a last gasp of the decadelong bull market, chart analysts are here to prove them wrong.Marketsread more
Notorious "pharma bro" Martin Shkreli has reached a settlement with his former biopharmaceutical company Retrophin to resolve "all outstanding disputes" just week after he...Biotech and Pharmaceuticalsread more
"The slowdown in the global economy is reaching this shore," veteran trader Art Cashin says.Economyread more
One of the biggest Chinese chipmakers is delisting from the New York Stock Exchange amid the trade war, but the company said the decision is not related to the heightened tensions between the United States and China.
Semiconductor Manufacturing International, a Shanghai-based component manufacturer worth $5.4 billion, has notified the NYSE it will apply for the voluntary delisting of its American depositary shares, or those that trade on a U.S. exchange, the company said in a statement Friday. The last day of trading of the ADSs on the NYSE will be on or about June 13.
The motivation for the withdrawal is that the company's American depositary receipts listing in the U.S. sees "low trading volume and high costs," Semiconductor Manufacturing told CNBC. The company's main listing is in Hong Kong.
"SMIC has been considering this migration for a long time and it has nothing to do with the trade war and Huawei incident," a spokesperson from Semiconductor Manufacturing told CNBC. "The migration requires a long preparation and timing has coincided with the current trade rhetoric, which may lead to misconceptions."
A spokesperson from the NYSE declined to comment on the company's delisting.
There was speculation that the company's move to delist from the NYSE stemmed from the ongoing trade war. The U.S. this week hardened its stance on trade, blacklisting Chinese telecom giant Huawei and halting its ability to purchase American-made chips.The restrictions are expected to force many U.S. companies including Google to cut ties with Huawei after the temporary license expires in order to comply with President Donald Trump's executive order.
Semiconductor Manufacturing is not only a chip leader in China, but it has a big footprint in the U.S. The company invested $280 million in an advanced assembly line with Qualcomm in 2015 and had a joint venture with the U.S. chip giant and Huawei in the same year, according to the company website. Semiconductor Manufacturing had more than $3.3 billion in revenue in fiscal 2018, according to FactSet.